(PRWEB) April 07, 2012
The mixed results of last week's economic reports helped keep mortgage rates from climbing as predicted in the previous Homes.org mortgage report. The 30-year fixed rate mortgage dropped by 2 basis points and the 15-year fixed rate mortgage rose by 2 basis points.
Current mortgage interest rates are:
4.25% - average rate for a 30-year fixed rate mortgage
3.42% - average rate for a 15-year fixed rate mortgage
Though the economic outlook wasn't overly bright last week, reports out this week are showing more positive signs for the U.S. economy. However, the Eurozone is another story. Jobs are the big focus this week, and they could swing mortgage rates up or down. Here's the most important reports for this week.
- Monday: February Factory Orders report
- Tuesday: Fed Meeting Minutes
- Friday: March Jobs Report
Although there weren't many economic reports this week, they will have an impact on mortgage rates in the days and weeks to come. The report likely to have the greatest effect is the March Jobs report. Analysts expected there to be strong gains in the number of jobs created but that the unemployment rate to remain unchanged due to more people entering the job market. Neither of those things occurred.
Even thought there were only 120,000 jobs added last month, about half of what analysts expected, the unemployment rate dropped to 8.2%. The drop came from people leaving the job market.
The week did start out strong with an encouraging February Factory Orders report that built on the momentum from recent months. Orders were up by 1.3% over January, but this isn't a big enough improvement to effect mortgage rates much.
Homes.org believes that due to the economy's slow signs of progress mortgage interest rates are likely to move sideways next week with little to no change. It's a good time for home buyers and home owners to take advantage of the low rates before the summer buying season which may influence an upward movement.
Homes.org is a fast growing real estate search portal that offers users much more than MLS listings. Homes.org gives users access to a rich collection of resources, including but not limited to, real estate listings, home owner finance tools and home service tools. Homes.org brings buyers, sellers and renters important information about the current markets and intelligent tools by partnering with real estate professionals from around the country. Homes.org is a subsidiary of Star Nine Ventures, Inc. headquartered in Austin, TX.
About Star Nine Ventures®
Star Nine Ventures® is an Austin-based, marketing-driven venture creation company targeting a wide range of national business-to-consumer online marketplaces. Star Nine's core mission is to build businesses that provide exemplary consumer experiences and unparalleled customer service.